News / Blog7 reasons why being a financially-capable woman can be the best thing in 2018

7 reasons why being a financially-capable woman can be the best thing in 2018

With women stepping stones to success as close as men are, it is no surprise that being successful in today’s world comes in the books of both. We now live in a world of equal work and equal pay, better workplaces, better salaries, respectful beings and supportive bosses and colleagues. While many may beg to differ, we can accept that women working their way up the ladder are no longer looked down upon. In fact, today we have so many women leaders who have excelled their way and in some cases have even outdone men in their respective fields. So what exactly does financial freedom for women mean today? Is it better pay? A great lifestyle? Not having the guilt of splurging on oneself or not restricting to being simply a ‘mother’ after marriage and setting down?

Well, to each his own and women all over may choose to describe independence in their own way. Big or small, these aspects may have made them feel more confident, positive, given a boost to their self-esteem and made them stand out in the best possible way.

Work hard to save: To save well, you need to have a plan that will allow you to do so. This means cutting down on ‘unnecessary luxuries’, keeping an eye on purchases and not being carried away. While the beginning maybe challenging, seeing how much you’re able to put away will definitely be a motivation!

Work up a budget: Big savings don’t happen without a budget in place. Work up something that is doable instead of pushing yourself. Once you start sticking to it, push a bit more and get to a point where you are really comfortable. Here, it is important to remember that “save before you spend” and not the other way round.

Know investments: If you happen to have a good chunk of money kept unused in your bank with no immediate use for it, opt for investments. While money in a bank may not give any noticeable returns, investments certainly do. Research on a few options to get you started and choose the best one!

Do not put all your eggs in one basket: Ensure your financial decisions are wise. If you are interested in an investment or scheme, start off with a small amount. While bigger ones may show bigger RIO they mean a bigger risk too. So unless you’re a 110% sure, don’t put all your earnings in one place.

Start with small risks: If you’re new to the savings, investments and finance game, start slow. If you make a mistake, it can be rectified to some extent and even if you lose all of it, it would be a small amount. While the level of risk cannot be calculated every time, experience does have a big role to play and you will gradually learn.

Learn from others: Talk to your peers, parents, trusted friends and get advice on how savings are to be done in the best manner. The most helpful advice sometimes isn’t stated in a book.

Break the rules a little: Don’t work on everything you may read in a success guide, sometimes going your own way may work out in a surprisingly good way. Also, instead of sticking to a method in a hardcore manner, try to analyze the solution and work on a way to make it better if you can.